Question

sold goods to mr ravi rs 55,000 on credit​

Answer 1

Answer:

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Answer 2

Answer:

Note: Your Question's answer is at 4a and see the explaination too.

I am answering your Question with both Purchase and Sales

Case 1: Cash Purchase

If goods are purchased on cash

Purchase A/c Dr.

  To Cash or Bank A/c

Case 2a: Credit Purchase

If goods are purchased on credit

Purchase A/c Dr.

     To Ravi (Creditors) A/c

Case 2b: Credit Purchase

If goods are purchased on Partly cash and Partly credit

Purchase A/c Dr.

 To Cash A/c

  To Ravi (Creditors) A/c

Case 3: Cash Sales

If goods are sold on cash

Cash or Bank A/c Dr.

  To Sales A/c

Case 4a: Credit Sales

If goods are sold on credit (Your Question's Answer)

Ravi's (Debtors) A/c Dr.  55,000

  To Sales A/c                              55,000

Case 4b: Credit Sales

If goods are purchased on Partly cash and Partly credit

Cash A/c Dr.

Ravi (Debtors) A/c Dr.

    To Sales A/c

Explanation:

Cash Purchase:

When goods are purchased in cash it increases goods and decreases cash on goods. So, purchased account is debited and cash is credited.

Credit Purchase:

When goods are purchased on credit it increases goods and also increases liabilites. So, purchased account is debited and creditor/supplier is credited.

For partly payment of goods with cash and on credit

When goods are purchased in both on cash and credit it increases goods and decreases cash on goods and also increases liabilites. So, purchased account is debited and cash and creditor/supplier is credited.

Cash Sales:

When goods are sold on cash it increases cash amount and decreases goods amount. So, cash account is debited and sales account is credited.

Credit Sales:

When goods are sold on credit it decreases goods amount but it does not  increases the amount of cash but it increases debtors. So, debtors/customer account is debited and sales is credited.

For partly payment of goods with cash and on credit

When goods are sold in both on cash and credit it decreases amount of goods sold and increases cash on goods sold and debtors. So, cash and debtors account is debited and sales is credited.